RATE Group | Coin May Retreat on US-China Trade War News
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Coin May Retreat on US-China Trade War News

13 Aug Coin May Retreat on US-China Trade War News

Posted at 19:37h in Bitcoin News by

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Bitcoin Price Forecast:

Bitcoin Price Forecast: Coin May Retreat on US-China Trade War News

Bitcoin has been dealt a blow on Tuesday after President Trump announced the newest tranche of tariffs on China will be delayed, which threatens a key fundamental driver behind the cryptocurrency. Recent weakness in emerging market currencies like USDCNH and the Argentine Peso has helped to boost the digital asset and add to its remarkable year-to-date performance. With USDCNH suffering losses, BTCUSD has followed suit and could again look to technicals for near-term support.

Bitcoin Price Chart: Daily Time Frame (May – August) (Chart 1)

bitcoin price chart rally usdcnh

Chart created with TradingView

The onset of the most recent US-China trade war flareup on August 1 effectively rescued the coin from slipping beneath the ascending trendline from May. Its opposite, descending from June, was under fire amid the escalation, until Tuesday’s development. The fundamental forces have helped to keep BTCUSD within the rising wedge,…

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